北京商报讯（记者 马换换 王蔓蕾）前次上会遭到暂缓审议后，厦门优迅芯片股份有限公司（以下简 称"优迅股份"）科创板IPO将于10月15日二度上会，届时公司能否获得上市委放行，答案也将揭晓。 据了解，优迅股份专注于光通信前端收发电芯片的研发、设计与销售。本次冲击上市，公司拟募集资金 约8.09亿元。 今年9月19日，优迅股份IPO首次上会，但遭到了暂缓审议。彼时，在上市委会议现场，上市委要求优 迅股份结合产品结构、议价能力、市场开拓、主要产品验证及在手订单等情况，说明公司是否存在毛利 率持续下滑风险，以及经营业绩的可持续性。 另外，上市委要求优迅股份说明Jina Shaw、Ping Xu及萍妮茹投资、蔡春生及一方建设之间是否存在应 披露未披露的关联关系或一致行动关系。上市委还要求公司结合实控人持股比例不高、实际控制公司时 间较短、公司报告期多次股权变动、历史上股东之间存在的分歧等情况，说明公司实控人的控制权是否 稳定，是否存在上市后控制权变更风险。除此之外，上市委要求优迅股份说明报告期股份支付会计处理 是否符合企业会计准则规定。 ...

IPO Pipeline Overview - As of September 21, there are 279 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 25 on the Shenzhen Main Board, 27 on the Growth Enterprise Market, and 170 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Hebei Shichang Automotive Parts Co., Ltd. was listed between September 15 and September 21, closing at 40.50 yuan per share, representing a 271.56% increase, with a trading volume of 641 million yuan and a turnover rate of 87.48% [3]. New Counseling Records - Eight new companies were added to the counseling records from September 15 to September 21, including Beijing Weina Star Technology Co., Ltd. and others, focusing on various sectors such as satellite technology, quantum computing, and environmental equipment [4][5]. Companies Undergoing Review - Yuan Chuang Technology Co., Ltd. and Suzhou New Guangyi Electronics Co., Ltd. successfully passed the review process, while Xiamen Youxun Chip Co., Ltd. had its review results postponed [8][9]. Registration Approval - Three companies received registration approval from September 15 to September 21, including Zhongcheng Zhixin Engineering Consulting Group Co., Ltd., which provides comprehensive consulting services, and Nabaichuan New Energy Co., Ltd., focusing on thermal management for electric vehicle batteries [10]. Terminated Reviews - Four companies, including Hengyang Jinzelite Special Alloy Co., Ltd. and others, withdrew their IPO applications during the same period [11][12][13].

IPO and Refinance Review Results - During the week of September 15-19, three companies were reviewed for IPO, with two approved and one postponed [1] - The postponed company, Youxun Co., Ltd., is the third company this year to face a delay in the Sci-Tech Innovation Board IPO review [1] - Yuan Chuang Co., Ltd. and Xin Guang Yi Co., Ltd. were both approved for their IPOs, with proposed fundraising amounts of 485.13 million yuan and 638.38 million yuan respectively [1][2] Company Profiles - Youxun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, with a focus on domestic market leadership in optical communication chip design [2][3] - Yuan Chuang Co., Ltd. is engaged in the research, production, and sales of rubber track products, primarily serving agricultural and engineering sectors [9][10] - Xin Guang Yi Co., Ltd. focuses on high-performance special functional materials, including anti-overflow special films [12][13] Financial Performance - Youxun Co., Ltd. reported a net profit of 47.96 million yuan for the last year, with total assets of 844.94 million yuan as of June 30, 2025 [5] - Yuan Chuang Co., Ltd. achieved a net profit of 154.66 million yuan for the last year, with total assets of 1,989.88 million yuan as of December 31, 2024 [11] - Xin Guang Yi Co., Ltd. reported a net profit of 115.70 million yuan for the last year, with total assets of 836.05 million yuan as of December 31, 2024 [14] Fundraising Projects - Youxun Co., Ltd. plans to invest 80.91 million yuan in projects related to next-generation access networks and high-speed data center chips [6] - Yuan Chuang Co., Ltd. intends to use 63.84 million yuan for functional materials projects [15] - Xin Guang Yi Co., Ltd. aims to allocate 63.84 million yuan for its functional materials project [15] Review Meeting Inquiries - Youxun Co., Ltd. faced inquiries regarding the sustainability of its operating performance and potential risks related to declining gross margins [7] - Yuan Chuang Co., Ltd. was questioned about market competition and the impact of various factors on its revenue and profit margins [12] - Xin Guang Yi Co., Ltd. was asked to clarify the sustainability of its business performance based on its core technologies and market demand [16]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") has had its IPO on the Sci-Tech Innovation Board postponed by the Shanghai Stock Exchange, raising concerns about its financial sustainability and control issues [1][4]. Company Overview - Youxun was established in February 2003 and focuses on the research, design, and sales of optical communication front-end transceiver chips, with applications in optical modules, access networks, 4G/5G networks, data centers, metropolitan area networks, and backbone networks [3]. - The company aims to raise 889 million yuan (approximately 8.89 billion yuan) through its IPO to fund the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips, as well as to supplement working capital [3]. Financial Performance - Youxun's gross margin has been declining over the years, with figures of 55.26%, 49.14%, and 46.75% for the years 2022 to 2024, and a gross margin of 43.48% for the first half of this year [5]. - The company attributes the decline in gross margin to changes in industry demand, price reductions of main products, rising costs of some purchased products, and customer structure [5]. Control and Governance Issues - The actual controllers of Youxun have changed twice since its establishment, with the current controllers holding a combined voting power of 27.13% before the IPO [5][6]. - Post-IPO, the voting power of the actual controllers is expected to dilute to 20.35%, raising concerns about potential control changes and the stability of the company's governance [6]. - The Shanghai Stock Exchange has requested clarification on the relationships between key shareholders and the stability of control, given the historical changes in shareholding and disputes among shareholders [4][6]. Regulatory Scrutiny - The Shanghai Stock Exchange has raised questions regarding the sustainability of Youxun's operating performance and the risk of declining gross margins, requiring the company to provide detailed explanations and for the sponsor to give clear opinions [4]. - Concerns have also been expressed regarding the accounting treatment of share-based payments during the reporting period, with the exchange seeking further clarification [6].

9月19日晚间，上交所官网显示，厦门优迅芯片股份有限公司（以下简称"优迅股份"）科创板IPO当日上 会遭到暂缓审议。 招股书显示，优迅股份专注于光通信前端收发电芯片的研发、设计与销售。公司科创板IPO于2025年6 月26日获得受理，2025年7月15日进入问询阶段。此次冲击上市，优迅股份拟募集资金约8.09亿元，扣 除发行费用后，将用于下一代接入网及高速数据中心电芯片开发及产业化项目、车载电芯片研发及产业 化项目、800G及以上光通信电芯片与硅光组件研发项目。 除此之外，上市委要求优迅股份说明报告期股份支付会计处理是否符合企业会计准则规定。 （文章来源：北京商报） 在上市委会议现场，上市委要求优迅股份结合产品结构、议价能力、市场开拓、主要产品验证及在手订 单等情况，说明公司是否存在毛利率持续下滑风险，以及经营业绩的可持续性。 另外，上市委要求优迅股份说明JinaShaw、PingXu及萍妮茹投资、蔡春生及一方建设之间是否存在应披 露未披露的关联关系或一致行动关系。上市委还要求公司结合实控人持股比例不高、实际控制公司时间 较短、公司报告期多次股权变动、历史上股东之间存在的分歧等情况，说明公司实控人的控制权是否 ...

9月19日，上交所上市审核委发布公告称，厦门优迅芯片股份有限公司（简称"优迅股份"）科创板IPO暂 缓审议。 据招股书显示，优迅股份专注于光通信前端收发电芯片的研发、设计与销售。公司原计划募资8.89亿 元，冲刺科创板上市。 据了解，优迅股份IPO今年6月26日获受理，7月15日进入问询阶段，此后高效回复两轮问询后进入上会 程序。前期，公司市场空间及成长性、业绩增长可持续性、募投项目、离职员工转让等问题在审核问询 中被重点关注。 从今日的上市委现场问询来看，毛利率持续下滑风险、经营业绩的可持续性，以及实控人的控制权是否 稳定等被重点问询。同时，优迅股份收到一个需进一步落实事项。上市委要求公司说明报告期股份支付 会计处理是否符合企业会计准则规定。 具体来看，上交所要求优迅股份结合产品结构、议价能力、市场开拓、主要产品验证及在手订单等情 况，说明公司是否存在毛利率持续下滑风险，以及经营业绩的可持续性。并请保荐代表人发表明确意 见。 此外，控制权问题再次被监管关注。上交所要求公司说明Jina Shaw、Ping Xu及萍妮茹投资、蔡春生及 一方建设之间是否存在应披露未披露的关联关系或一致行动关系。同时，上交所要求公 ...

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") has had its IPO on the Sci-Tech Innovation Board postponed for review, raising concerns about its financial sustainability and governance structure [1][2] Group 1: Company Overview - Youxun focuses on the research, design, and sales of optical communication front-end transceiver chips [1] - The company aims to raise approximately 809 million yuan for the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips and silicon photonic components [1] Group 2: IPO Review Concerns - The listing committee has requested Youxun to address potential risks related to declining gross margins, market expansion, and the sustainability of its operating performance [1] - The committee also inquired about undisclosed related party relationships among certain investors and the stability of the actual controller's control over the company, given the low shareholding ratio and historical ownership changes [1] Group 3: Accounting Compliance - Youxun is required to clarify whether its accounting treatment of share-based payments during the reporting period complies with the relevant accounting standards [2]

中国经济网北京9月19日讯 上交所上市审核委员会2025 年第37 次审议会议于今日召开，审议结果显示，厦门优迅芯片股份 有限公司（简称"优迅股份"）首发暂缓审议。 优迅股份的保荐机构为中信证券股份有限公司，保荐代表人戴五七、马锐。 优迅股份专注于光通信前端收发电芯片的研发、设计与销售。公司股权较为分散，单一股东所持表决权均未超过30%。任 何单一股东所持的表决权均无法控制股东会或对股东会决议产生重大影响。因此，公司认定无控股股东。柯炳粦直接持有公司 10.92%股份，通过担任科迅发展的执行事务合伙人间接控制公司4.59%表决权，共控制公司15.51%表决权；柯腾隆担任员工持 股平台芯优迅、芯聚才、优迅管理的执行事务合伙人，并通过上述三个员工持股平台控制公司11.63%表决权。柯炳粦与柯腾隆 合计控制公司 27.13%表决权，为公司实际控制人。 优迅股份拟在上交所科创板公开发行的股份数量不超过2,000万股（不含采用超额配售选择权发行的股份数量），占本次发 行后总股本的比例不低于25%。本次发行全部为发行新股，不涉及公司股东公开发售股份。 公司拟募集资金80,906.50万元，用于下一代接入网及高速数据中心电 ...

Summary of Key Points Core Viewpoint - Four companies are set to present their IPO applications at the upcoming listing committee meetings of the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange, indicating a robust pipeline of new listings in the market [1]. Group 1: Upcoming IPOs - Yuan Chuang Co., Ltd. plans to list on the Shenzhen Main Board, focusing on the research, production, and sales of rubber track products [3]. - Xin Guang Yi intends to list on the ChiNext Board, specializing in high-performance special functional materials, including anti-adhesion special films and strong resistance special films [4]. - You Xun Co., Ltd. and Bai Ao Sai Tu are both targeting the Sci-Tech Innovation Board (STAR Market) for their IPOs, with You Xun focusing on optical communication front-end transceiver chips and Bai Ao Sai Tu providing innovative model animals and preclinical pharmaceutical research services based on self-developed gene editing technology [5]. Group 2: Fundraising Details - Bai Ao Sai Tu is expected to raise the highest amount of 1.185 billion yuan, with funds allocated for early drug research service platform construction, working capital, and various R&D projects [1]. - You Xun plans to raise 808 million yuan, while Xin Guang Yi aims for 638 million yuan in their respective fundraising efforts [1]. - The geographical distribution of the upcoming IPOs includes one company each from Beijing, Fujian, Jiangsu, and Zhejiang provinces [1]. Group 3: Underwriting Institutions - You Xun and Xin Guang Yi are both backed by CITIC Securities as their underwriting institution [2]. - Bai Ao Sai Tu is sponsored by China International Capital Corporation (CICC), while Yuan Chuang is underwritten by Guotai Junan Securities [5].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is a leading enterprise in the domestic optical communication chip field, currently applying for an IPO and has established a complete core technology system in optical communication chip design [1][2] Shareholding Structure - The company was founded in February 2003, with Ping Xu as the first major shareholder and actual controller until January 2013. From January 2013 to November 2022, there were no controlling shareholders or actual controllers. Since November 2022, the actual controllers have been Ke Binglan and Ke Tenglong [2][3] Management Changes - In March 2009, due to operational disagreements, Ping Xu's salary was significantly reduced, and the management was transferred to Ke Binglan. Despite this, Ping Xu was still recognized as the actual controller until 2013 [2][3] Financial Performance - Youxun's gross profit margin is higher than the industry average, with margins of 55.26%, 49.14%, and 46.75% for 2022, 2023, and 2024 respectively, compared to competitors like Yutai Micro's margins of 42.35%, 39.78%, and 42.65% [3][4] - The company has lower procurement costs for raw materials compared to competitors, with wafer prices at 6815.7 yuan per piece, which is over 15% lower than Yutai Micro's 8388.51 yuan per piece [3][4] Cost Structure - The average unit cost of optical communication transceiver chips for the first half of 2025 is projected to be 1.13 yuan per piece, a slight decrease from 1.18 yuan in 2024, primarily due to a significant reduction in wafer costs [6] - In 2024, the company procured wafers worth 235.46 million yuan and packaging services worth 80.46 million yuan, while the cost of materials and packaging transferred to the main business was only 148.30 million yuan and 64.11 million yuan respectively, indicating a discrepancy in accounting [8][9] Inventory Management - The company's inventory increased from 90.36 million yuan in 2023 to 174.97 million yuan in 2024, but this increase does not fully account for the procurement and consumption discrepancies, suggesting potential issues in inventory management [8][9]